₦airaland Forum

Rivers State Government Under Wike, Fubara Accumulated Debts From N5.2billion To N213billion In 12 Months – Report

The Rivers State government under the administration of former Governor Nyesom Wike, now Minister of the Federal Capital Territory (FCT) and the incumbent Governor Siminalayi Fubara, accumulated debts from N5,225,575,493.20 to N213,902,344,833.33 within a period of 12 months.

The 2023 audit report of the state revealed that the state entered 2023 with an opening debt balance of N5,225,575,493.20 in Zenith Bank but in 12 months, which is the period of a year ending on December 31, 2023, the state borrowed a total sum of N213,902,344,833.33, all from Zenith Bank.


The audit report further revealed that at the end of the year 2023 ending on December 31, the total debt of the state stood at N342billion.

The audit report also stated that as of the end of the year 2023, the state government had paid back N59billion of the total debt stock.

SaharaReporters had reported that President Bola Tinubu-led Nigerian government a few days ago planned to halt the October monthly FAAC revenue payment to Rivers State, citing a court order as the reason.

The development came amid an ongoing dispute between Governor Fubara and Wike.

The FAAC typically disburses revenue to the three tiers of government, including states, local governments, and the federal government.

According to Bawa Mokwa, the spokesperson for the Office of the Accountant General of the Federation, the decision to stop the payment is in respect of the court order, which bars the Central Bank of Nigeria (CBN) and the Nigerian government from disbursing monthly allocations to the Rivers State government.

The court order was obtained by the factional Rivers State Assembly, led by Martin Amaewhule, who had filed an originating summons against the Rivers State Executive, under the leadership of Simi Fubara.

The Amaewhule faction had alleged that the Rivers State Executive was yet to comply with the order of a Federal High Court directing it to re-present the 2024 appropriation bill to the faction of the Rivers State House of Assembly.

Mokwa, who spoke last Friday, emphasised that the Office of the Accountant General of the Federation (OAGF) would respect the court order, following due diligence until a contrary order is issued.

However, on Saturday, SaharaReporters reported that the Nigerian government backtracked, saying it has not halted the disbursement of funds to Rivers State, as the allocation process is continuing.

In an interview, Mokwa had said that the disbursement of October allocations to states and local governments by the Federation Accounts Allocation Committee (FAAC) is still in progress.

Mokwa had further explained that Rivers State would continue to benefit from the funds due to a subsisting appeal and a stay of execution order.

HgAkpobomeEr:
The Rivers State debt stock is a result of Wike's legacy.

Extra30:
Someone should pls enlighten me cos I don't understand.
Why are some of this rich oil states in serious debts? I thought they are rich are self-sufficient, so why all these debts?
Is it that they borrow to steal or what?

yarimo:
No wonder the criminal Governor FUBARA hiding in the name of fighting WIKE just to decivied the people of rivers state

lereinter:
Your answer is in your last sentence

Don't forget wike attempted to win PDP presidential primaries twice

Extra30:
Someone should pls enlighten me cos I don't understand.
Why are some of this rich oil states in serious debts? I thought they are rich are self-sufficient, so why all these debts?
Is it that they borrow to steal or what?

Extra30:
Someone should pls enlighten me cos I don't understand.
Why are some of this rich oil states in serious debts? I thought they are rich are self-sufficient, so why all these debts?
Is it that they borrow to steal or what?

Salewa97:
The audit report, who conducted it?

The Rivers state government under Wike and Fubara, how many months have they worked together?